NEW YORK, May 14, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, India compressor market is expected to reach $2.7 billion by 2024, registering a CAGR of 7.0% during 2019-2024. The market is buoyed by several factors, primarily substantial demand coming from the automotive sector supported by rising disposable income of the population. Besides this, government initiatives supporting the growth of manufacturing sector is driving the year-over-year (YoY) growth of the market.
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It has been observed that high capacity industrial compressors are exceedingly sold directly to the end-consumers, while the low capacity (and low cost) ones are sold through dealers in the country. Businesses providing small engine service, auto service, recreational activities, and dental activities, are also leading to the growth in the India compressor market, as these businesses utilize compressed air to deliver their services to the customers.
On the basis of type, India compressor market is divided into positive displacement and dynamic, of which positive displacement compressor cited the largest demand. Further, rotary type compressor is anticipated to provide lucrative opportunities in the coming years. Industries such as automotive, semiconductors, steel, and chemical are the major consumers of rotary compressors. Better rotor profiles, machining improvements, and design innovations are few factors that are leading to increasing demand and hence, market amelioration.
Based on portability, India compressor market is categorized as stationary and portable compressors, of which stationary category is expected to register faster growth during the forecast period. This is primarily attributed to growing automotive and manufacturing industries in the country. Stationary compressors are suitable for automotive applications, such as rotating tires and other small tasks. Also, with car manufacturers focusing on foreign markets, their investments in innovation and increasing exports are also expected to result in the market growth.
On the basis of application, India compressor market is segmented into industrial manufacturing, automotive, chemical and cement, HVAC-R, oil and gas, power, food and beverages, textile, and construction, wherein automobile industry exhibited largest market share in 2018. Apart from the use of compressors in the vehicle HVAC system, compressors play an important part in the production process of several automobiles. The uses of compressed air include product finishing, tire inflation, cutting and welding, car painting, and in engine construction.
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The southern part of India is poised to record significant growth in the forecast period. Among the states of southern part of the country, Tamil Nadu is the top industrial manufacturing state in the region where the demand for compressors have been the highest during the past decade. During 2016-2017, Tamil Nadu’s industrial sector recorded a YoY growth of 7.7%. Besides this, according to the 2017-2018 budget, the state government is expected to invest $2.64 billion in its energy sector, and is expected to increase the production of automobiles manufacturing capacity to 5.8 million units by 2020.
In the coming years, IoT enabled compressors are anticipated to offer prospects for the market players, due to growing need to operate compressors more energy efficiently. The compressors play a significant role in manufacturing process of several equipment. Failing of compressors can affect the production process and the whole business can come to a halt. To predict and detect maintenance needs, it becomes necessary to adopt sensor-based compressors and hence, the sensor integrated compressors would witness higher demand in the near future.
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The intensity of competition among players is high due to which the market is fragmented. In the last year, majority of the top companies were involved in product launches to further strengthen their market position and expand their operations in different countries. Some of the major players in the India compressor market include Mitsubishi Heavy Industries Ltd., Elgi Equipments Limited, Kaeser Kompressoren SE, Ingersoll-Rand plc, Atlas Copco AB, Kobe Steel Ltd, ANEST IWATA Corporation, Burckhardt Compression Holding AG, Kirloskar Pneumatic Company Limited, and Indo-Air Compressors Pvt. Ltd.
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